RAK Properties Revenues Surge By 19%, Hitting AED 610 Million In H1 2024

RAK Properties, a leading property developer in Ras Al Khaimah, has announced its consolidated financial results for the first half of 2024. The company reported a revenue of AED 610 million, marking a notable 19 percent increase compared to the same period last year. This growth is attributed to the high demand for its diverse portfolio, which includes residential, commercial, and hospitality projects.

The company's profit before tax also saw an 11 percent rise, reaching AED 98 million. This reflects RAK Properties' ongoing investment in its development pipeline to meet market demands. The success of flagship developments in Mina Al Arab played a significant role in this financial performance.

Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties, stated, "We are proud to report a solid performance in the first half of 2024, reflecting the dedication of our team, the resilience of our business model and the burgeoning real estate landscape in Ras Al Khaimah and the wider UAE. The Government of Ras Al Khaimah's increased stake in the company to 34 percent in June also demonstrates clear confidence in our strategic vision and growth trajectory. We remain committed to creating exceptional value for our shareholders and contributing to the continued growth of Ras Al Khaimah."

CEO Sameh Muhtadi highlighted the sustained growth driven by strong demand across their property portfolio. He commented, "The first half of 2024 has seen sustained growth for RAK Properties, driven by strong demand across our diverse property portfolio, reinforcing our leadership in the real estate market."

Muhtadi also noted that global interest in their properties and robust performance of hospitality assets underscore their brand's strength. He added that new projects and future developments are expected to continue driving revenue growth.

Government Confidence

The Government of Ras Al Khaimah's increased stake to 34 percent signifies strong confidence in RAK Properties' strategic vision. This move supports the company's proactive approach to emerging market opportunities.

Muhtadi further stated, "Our outlook remains bright, underpinned by the solid fundamentals of Ras Al Khaimah and our unwavering commitment to excellence and delivering exceptional value to our stakeholders."

RAK Properties remains focused on creating value for shareholders while contributing to Ras Al Khaimah's growth. The company's strategic initiatives and robust development pipeline position it well for continued success.

The financial results reflect RAK Properties' ability to adapt and thrive amidst dynamic market conditions. With ongoing projects and new developments on the horizon, the company is poised for sustained growth.

In summary, RAK Properties' first half of 2024 showcases significant financial achievements and strategic progress. The company's commitment to excellence and proactive market strategies continue to drive its success.

With inputs from WAM